KEDIPES pays state €140M in largest quarterly sum yet

In the largest quarterly cash repayment to the state since its inception in 2018, totaling €140 million, the Board of Directors of KEDIPES decided to proceed for the first quarter of 2024. This move is part of the repayment of state aid received by the former Cooperative Cyprus Bank.

According to a statement by KEDIPES, the repayment amount "is mainly due to the recent completion of the sale of a loan portfolio to the Bank of Cyprus, with a total gross accounting value as of December 31, 2022, amounting to €58.4 million."

It also notes that the total amount of the repayment, in cash against state aid, now stands at €1.3 billion.

Additionally, KEDIPES states that it continues to maintain a cash reserve of €60 million for the purpose of financing the "Rent in Exchange for Installments" Scheme, of which it is the implementing body.

[With information sourced from CNA]